Subsidiaries, as well as the parent companies of systemically important entities will be entitled to preferential loans subsidised by the state, according to a resolution signed by Prime Minister Mikhail Mishustin.
The loan granted to a group of companies must not exceed 3 billion roubles, while the interest rate has to be 5 percent or less. The subsidised period is limited to 12 months from the loan contract date.
The selection of borrowers will be subject to new criteria. Companies that experience a decline in the second-quarter revenue of more than 30 percent compared to the same period of 2019, and that keep at least 90 percent of their staff as of 1 May on the payroll will be entitled to a subsidised loan.
These loans will help support employment at systemically important enterprises, as well as finance their operating costs. The total amount of loans granted is expected to be in excess of 400 billion roubles.
The state will subsidise banks to help them offset the shortfall in revenue from preferential loans. The Government has already allocated 24 billion roubles to this effect.